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Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
October 31, 2004
3 min read
Industry
Just when the financial weather for both the Canadian and U.S. property and casualty insurance industries was beginning to look downright “balmy” this year, along came the hurricane season – and like the “Four Riders of the Apocalypse” under Charley, Frances, Ivan and Jeanne – literally blew the insurance house down. The timing of the […]
By Sean van Zyl, Managing Editor | October 31, 2004
4 min read
Canada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to Omega Insurance Holdings CEO Phil Cook through his work consulting with insurers. Omega was created to perform two roles: to allow for the portfolio transfer of branches exiting […]
1 min read
Endurance Reinsurance Corp. of America, part of Bermuda-based Endurance Specialty, has opened a new Canadian branch based in Toronto, to be headed up by Michael Rende. “The Canadian branch office will initially focus on treaty reinsurance business for Canadian cedants, with a primary focus on property treaty,” notes a company statement. Rende moved to Endurance’s […]
Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines. Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on its other Canadian subsidiary, Toronto-based The Citadel. L’Unique writes largely Quebec auto business, along […]
Ending weeks of speculation, ING made official its purchase of Allianz of Canada Inc. The Allianz portfolio of p&c business includes subsidiaries Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada (which handles group business), as well as broker consolidator Canada Brokerlink, which operates in Ontario and Alberta. The new business, which includes […]
Risk
While insurer Pembridge is not withdrawing from the Alberta auto market, the company is scaling back its business there. In interview, Pembridge CEO Bob Tisdale said the decision, which has resulted in a significant number of employee lay-offs, was a difficult one to make. “This certainly wasn’t our first choice,” he says. The decision followed […]
U.S. property & casualty insurers turned in a record performance in the first six months of 2004, with net income hitting US$23.5 billion, and policyholder surplus reaching $370.4 billion, according to data released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI). This year’s strong performance well outpaces the […]
2 min read
Kingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% to $30.6 million (54 per share) for the quarter ending September 30, 2004, up from $15.6 million (28 per share) for the third quarter of 2003. For the most recent quarter, the company saw gross written premiums fall to $618.7 […]
It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall. Speaking at the 3rd annual Aon Re Rendezvous, Aon Re Americas vice chairman Ross McKenzie says the broker accurately forecast modest discounts in the property catastrophe line, on the […]
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